Reuters reports on the increase of cyberinsurance ahead of the implementation of the EU General Data Protection Regulation. More than 70 entities are offering cyberinsurance in the Lloyd’s of London commercial insurance market. In an emailed statement, Lloyd’s CEO Inga Beale said the total for gross written premiums for European cyberinsurance could be more than $2 billion annually by 2020 due in part to the GDPR. Betterley Risk Consultants found less than one-tenth of cyber market premiums went to the U.K. and the EU, but KPMG Partner Paul Merrey said the discrepancy was due to different legal frameworks between the U.S. and the EU and that the GDPR will help close the gap.
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